What is the name of your state (only U.S. law)? Pennsylvania
I have inherited a portion of an orchard owned by my father and his siblings. There is no dispute about the partnership although there are no partnership papers. I am planning on changing this partnership to an LLC in order to protect everyone's interests.
My question is can I place my portion of that LLC (a 1/8th interest in the orchard) within another LLC I have in connection with a family limited partnership? I am using the FLP to protect my assets for estate planning purposes.
I have inherited a portion of an orchard owned by my father and his siblings. There is no dispute about the partnership although there are no partnership papers. I am planning on changing this partnership to an LLC in order to protect everyone's interests.
My question is can I place my portion of that LLC (a 1/8th interest in the orchard) within another LLC I have in connection with a family limited partnership? I am using the FLP to protect my assets for estate planning purposes.